Germany firm Talanx's LatAm results hit by currency depreciations

Germany-based insurer Talanx reported a 52mn-euro (US$48.6mn) operating result (EBIT) in its Latin American subsidiaries in January-September, down 1.9% from the same period of last year.

"EBIT was negatively impacted by currency depreciation in a number of Latin American markets," stated Talanx in a release.

Total gross written premiums in Latin America reached 1.06bn euros, down 4.4% from January-September 2015, dragged down mainly by a 13.1% fall in Brazil's P&C premiums, which accounted for 53% of total gross premiums in the region.

In contrast, gross written premiums in P&C in the Chilean subsidiary - accounting for 21% of regional gross premiums - jumped 22% year-on-year to 221mn euros

P&C premiums in the Mexican subsidiary were up 1.1% to 191mn euros.

In the life segment, where Talanx operates in Chile and Argentina, gross written premiums - some 2% of Latin American premiums - were down 4.2% in January-September.

In Latin America Talanx operates In Argentina, Brazil, Chile, Mexico, Peru and Uruguay.

CONSOLIDATED GROUP FIGURES

Talanx reported a 30.1% increase in net income to 635mn euros, but when adjusting for 2015's goodwill impairment of 155mn euros, net income was in line with last year's result.

Gross premiums were down 2.9% to 23.7bn euros when adjusted for currency effects.

The company expects net income of at least 750mn euros for full-year 2016